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Suppose that an oligopolistically competitive restaurant is currently serving 260 meals per day (the output where MR = MC). At that output level, ATC per meal is $10 and consumers are willing to pay $13 per meal.

What is the size of this firm's profit or loss? $

Will there be entry or exit? (Click to select)ExitEntry

Will this restaurant's demand curve shift left or right? (Click to select)LeftRight

In long-run equilibrium, suppose that this restaurant charges $11 per meal for 180 meals and that the marginal cost of the 180th meal is $9.

What is the size of the firm's profit?

Suppose that the allocatively efficient output level in long-run equilibrium is 210 meals. Is the deadweight loss for this firm greater than or less than $60?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M9745232

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